Comcast exceeded Wall Street expectations for its third-quarter earnings on Thursday, driven by a historic box office run for Universal Pictures and a second profitable quarter for the Peacock streaming platform. Those entertainment gains helped the Philadelphia-based conglomerate cushion the impact of ongoing subscriber declines in its core domestic broadband and traditional cable television businesses, as well as a downturn at its theme parks.
For the period ended September 30, Comcast posted net income of $3.45 billion, or 97 cents per share, up from $3.33 billion, or 90 cents per share, during the same period in 2025, according to CNBC. Adjusting for one-time items such as investments and intangible asset values, adjusted earnings per share reached $1.07. While overall unadjusted revenue fell 6% year over year following the January spinoff of its cable networks into the standalone company Versant, consolidated pro forma revenue held essentially flat at approximately $29.3 billion, with pro forma adjusted EBITDA at $9.1 billion, Deadline reported.
Peacock Profitability and Christopher Nolan's Box Office Surge
The standout performers in the third quarter came from Comcast's Content and Experiences unit, where overall revenue climbed 6.5%. Within the media division, revenue rose 13% year over year to reach $5.4 billion.
Peacock generated $261 million in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) on $1.8 billion in revenue. The results mark only the second profitable quarter for the streaming service since its 2020 debut, and its second consecutive quarter in the black. Paid subscribers on the platform reached 48 million, representing a 17% increase compared to the prior year while holding steady from the second quarter. The service benefited significantly from record-high viewership during the final matches of the FIFA World Cup at the start of the quarter, which aired across Peacock and NBCUniversal's Telemundo.
In the theatrical sector, third-quarter revenue surged 77% to $1.13 billion, propelling Universal past the $5 billion mark at the global box office. The studio's momentum was anchored by director Christopher Nolan's adaptation of Homer's epic, The Odyssey. Since opening in July, the blockbuster has become Universal's highest-grossing film of all time, bringing in nearly $1.9 billion worldwide, including $625 million at the domestic box office.
Broadband Pressures and Theme Park Headwinds
While the entertainment divisions thrived, Comcast's Connectivity and Platforms sector saw revenue decline 2.7% compared to the third quarter of 2025. Facing intense competition from fiber networks and fixed wireless providers like Verizon and T-Mobile, Comcast recorded a net loss of 144,000 domestic residential broadband customers. Traditional video cord-cutting also persisted, resulting in a net loss of 274,000 cable customers during the three-month window.
To counter stagnating broadband figures, Comcast announced a strategic pivot in January 2025 to emphasize its wireless offerings and more competitive pricing plans. That initiative showed continuing traction in the third quarter, with the mobile division adding 368,000 net new lines.
Meanwhile, the company's theme parks business experienced a downturn. Theme park revenue dropped 4.4% year over year to $2.6 billion, while operating profit in the segment fell 17% to $780 million. Comcast attributed the dip to cyclical headwinds and lower admissions revenue amid promotional discounting. Industry analysts and executives also noted that broader macroeconomic pressures—including higher interest rates and inflated gasoline and jet fuel prices stemming from the ongoing U.S.-Iran war—have driven up travel costs and dampened consumer spending.
Corporate Split Gains Momentum
The third-quarter earnings report arrives at a pivotal transitional moment for Comcast, whose stock had fallen more than 20% year-to-date prior to a 2.3% premarket bump following Thursday's financial disclosures. The company is actively restructuring its vast portfolio to separate its legacy connectivity assets from its media properties.
In January, Comcast completed the spinoff of most of its cable television networks—excluding Bravo—and select digital properties into the newly formed entity Versant. In June, the conglomerate announced a much larger restructuring: a plan to spin off NBCUniversal and European broadcaster Sky into an independent, publicly traded company separate from Comcast's core broadband, cable, wireless, and business services units. The separation is expected to take roughly a year to complete.
Ahead of the split, Sky expanded its European footprint last summer by signing a £1.6 billion ($2.1 billion) agreement to acquire the television network operations of UK broadcaster ITV.
Upon completion of the upcoming separation, current Comcast co-CEO Mike Cavanagh will lead the standalone NBCUniversal and Sky business. Former Comcast Chief Financial Officer Michael Angelakis, who is currently serving as a strategic advisor during the transition, will step in as CEO of the remaining Comcast connectivity company.
Co-CEO and Chair Brian Roberts previously told investors in June that dividing the businesses would grant each organization "dedicated focus, strategic flexibility, and tailored investment priorities." In Thursday's earnings release, company executives confirmed that the transition remains on schedule, stating they are "making meaningful progress on the separation of NBCUniversal and Sky, which remains on track to create two independent companies with the financial strength and flexibility to pursue their respective growth strategies."
